Paul D. Arling, CEO of Universal Electronics Inc. (NASDAQ:UEIC), recently sold a portion of his holdings in the company. According to a filing with the Securities and Exchange Commission, Arling sold 13,185 shares of common stock at an average price of $11.7251 per share, totaling approximately $154,595. The transaction comes as UEIC's stock has shown strong momentum, delivering a 57% return over the past year. With a current market capitalization of $151 million, InvestingPro analysis suggests the stock is currently undervalued.
Following this transaction, Arling holds 283,615 shares indirectly through the Arling Family Trust. Additionally, he directly owns 1,800 shares, and his spouse holds 1,000 shares indirectly.
The filing also provides details on Arling's derivative holdings, including 418,830 stock options, 36,000 performance stock units, and 63,103 restricted stock units, all of which continue to be held directly.
This recent activity is part of Arling's ongoing management of his investment in Universal Electronics.
In other recent news, Universal Electronics has seen a series of developments in its operations and financial performance. The company's Q3 2024 financial results indicate a steady performance with net sales of $102 million and an earnings per share (EPS) of $0.10. B.Riley recently upgraded Universal Electronics' stock rating from Neutral to Buy, reflecting positive outlooks on the company's recent advancements and future potential.
The company has been focusing on diversifying its product offerings and expanding its market reach, with key advancements such as the final testing phase of the TIDE Dial smart thermostat and securing design wins for a smart hub gateway and wireless RF controllers. Universal Electronics is also in the final phase of optimizing its manufacturing footprint, which has positively impacted the gross margin in the third quarter.
In terms of future expectations, Universal Electronics projects Q4 2024 sales to range from $99 million to $109 million, with EPS between $0.10 and $0.20. These projections are driven by new projects in the connected home channel. Meanwhile, the company has successfully reduced its line of credit by over $15 million, further improving its financial position. These are the recent developments for Universal Electronics.
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